In a stunning act of rhetoric: OPEC Agrees to First Oil Cut in Eight Years The market, unable to see past the incessant jawboning headlines coming out of OPEC for years promptly responded with a $4 pop in crude oil.This monumental achievement in perception engineering was made 'possible because Iran will be exempt from capping production.'(Bloomberg) As oil prices have fallen over the past few years, OPEC producing nations have responded paradoxically by scrambling to make up the loss in revenues with an increase in production. This has led to all-time-highs in oil production globally.

The lower end of the production target equates to a nearly 750,000 barrel-a-day drop from what OPEC said it pumped in August -- more than half the forecast increase in global oil demand this year.

Brilliant! The cartel is back together. Everything is grand in the biggest commodity manipulation circuit the world has ever known. Back to business as usual, everybody wins, right?​Not so fast! There is an old Arab Proverb that goes, 'Trust in God but Tie Your Camel.'There is serious money on the line. It's a game of prisoner dilemma. Work together and you both benefit but cut their throat and gain market share.

Damned if they do. Damned if they don't.

All things said and done, nothing has been accomplished. Two years and nothing but market drift, marking time sideways reliant on incessantly yapping jawbones losing cartilage fast.

Will OPEC actually cut? Will the Fed ever raise rates? Time will tell. The future will unfold as it does. Until then, never forget the wisdom of the ancients...